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have their cost reported to Anoka County and collected over a period of up to ten years <br />with interest at a rate or two percent (2 %) above the U.S. Treasury rate at the time of the <br />special assessment hearing. At an estimated interest rate of 6.8 %, annual payments <br />would range from $879 to $557 over this ten year period. <br />PROJECT SCHEDULE <br />This project is anticipated to proceed under the regulations of Chapter 4 of City Code and <br />State Statutes 429 which regulate special assessment public improvement projects. A <br />schedule for the progress of this project is anticipated as follows: <br />• , October 2008 Present feasibility study to City Council and Order <br />public hearing <br />November, 2008 Hold public hearing <br />January, 2009 Authorize project by City Council! (60 days after the <br />public hearing) <br />April, 2009 Receive plans and specifications and authorize bids <br />• May, 2009 :Deceive bids and award' construction contract <br />• June 2009 Construct project <br />• September 28, 2009 Hold as sessi e ?t hearing and 'levy assessments <br />• May 2010 First assessznenf p ent.du <br />The above schedule is dependant upon the required ;City fund`,-being available for this <br />project within the 2009 calendar year ,Annually the ,City his budgeted $ , far <br />petitioned street paving projects such as this one, Ti : s-1°iouid be noted that petitions for <br />multiple projects have been receive`Tor construction is 2009, Authorization of another of <br />these projects would`req� ire this project: to be delayed until adequate funding becomes <br />available, <br />SUMMARY AND CONCLUSIONS <br />The proposed improvements are technically feasible and will benefit the area served. It is <br />recommended that the City take the steps discussed in the Project Schedule section of this <br />report to•decide whether to proceed with the .improvements,. <br />33 <br />